Equipment theft is one of the most lucrative illegal businesses, earning a profit of billions of dollars in the United States. It is almost a global epidemic, victimizing countries which show great developments in equipment industry.
For years, the authorities have fought ways to find solution to decrease, and, if possible, instantly eliminate fraudulence on heavy equipment.
Axis Capital Group, a company selling and renting capital heavy equipment in Singapore had stated that millions of the dollar worth of equipment was once suspected to have been exported from Singapore, transferred to a secluded port in one of the islands of Indonesia and were distributed to Jakarta, Kuala Lumpur and Brunei. Some of those machineries are owned by Axis but were not anymore recovered. The authorities lost track of any activities involving stolen machineries and suspicious plate numbers. Warnings were then sent to neighboring countries while new technologies were being developed to prevent similar situations.
But not only are the private corporations victimized by equipment theft. The government is not immune to the same set of scheme.
In the United States, the state governments were able to incur a number of equipment theft losses since 2001. As per a review in the state of Maine’s records, just last year an excavator valued at over $50,000 was stolen from a state construction site.
Beyond the loss of equipment itself, there are associated, uninsurable costs such as short term rental costs to replace the stolen equipment, project delays, and valuable time spent dealing with police and our office. Theft also drives up the cost of insurance premiums for everyone.
In 2014, a total of 11, 625 heavy equipment theft were reported to law enforcement, a 1.6% increase from what is reported in 2013. Business owners from all over the world are not really sure to be relieved or worried by this news. If the United States, considered the most advanced in the use of protective technological devices, still experience an increase of fraudulent cases, then perhaps, developing cities which do not have the same resources, budget and capability to procure advanced security gadgets are still not safe from theft.
Deterring theft seems to be the only solution to eliminate equipment fraudulence. The only problem is how when most of the security measures do not seem viable enough for protection. Although it is almost impossible to stop a determined thief from stealing a piece of equipment, especially where equipment must be left in an unprotected, remote location overnight, there is much that can be done including being physically active in pinning them down.